New review concludes that segment needs clinical trials, broader reimbursement, to achieve full potential
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Remote health management (RHM) is the fastest growing segment of a burgeoning home health management market.
However, RHM’s full potential will materialize only if health insurers adopt reimbursement practices that encourage greater physician adoption, concludes Scientia Advisors, a global strategy consulting firm, in its review of the worldwide home health management (HHM) market released today. In this industry review, Scientia Advisors explains why the global home health management market is expanding at a compound annual growth rate (CAGR) of 10% through 2012.
“This growth is driven in part by strains in the health care system, high health care costs, insufficient personnel and an aging population with chronic conditions that, in many cases, can be most cost effectively monitored or treated at home,” said Harry Glorikian, Scientia Advisors’ Managing Partner.
While home health agencies (HHA)— organizations that provide skilled nursing and other therapeutic services in patients’ homes — account for the lion’s share of the HHM market, 80%, remote health management (RHM) with a 1.4% market share is the smallest, but fastest growing segment. Scientia projects that RHM will double from $1.8 B in 2007 to $3.6B in 2012, representing a CAGR of 15%. Since 2007, other home health segments, including point-of-care diagnostics, infusion and respiratory therapy services, drug delivery, durable medical equipment, and supplies, have exhibited CAGRs ranging from 7 to 10%, Scientia found.
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